Asset World Corp. (AWC)—controlled by Thai billionaire Charoen Sirivadhanabhakdi—is investing 16 billion baht ($475 million) to develop a mixed-use property in Bangkok’s Chinatown to tap on the country’s tourism boom.

The project in the historic Woeng Nakorn Kasem Yaowaraj district spans 135,000 square meters, featuring a high-end shopping mall, two luxury hotels, a modern Chinese pavilion, and community-focused cultural areas.

“Woeng Nakorn Kasem is a historically significant area that has long been an integral part of Bangkok, enriched by the charm of Chinatown and its invaluable Thai-Chinese cultural heritage,” Wallapa Traisorat, CEO and president of Asset World said in the statement. “The development is a major milestone for AWC, marking our first flagship large-scale mixed-use development, eagerly awaited by all.”

AWC had broken ground to kick off the development. When completed in 2029, the two hotels will have over 500 room. one of which is a 300-room InterContinental Hotel within a 10-story tower that will have have a 1,100 square meter ballroom.

With a net worth of $10 billion when Forbes Asia last published the list of Thailand’s 50 richest in July 2024, Charoen is the country’s third wealthiest tycoon. He is the controlling shareholder of Thai Beverage, the maker of Chang beer, Singapore-listed drinks and property developer Fraser & Neave. He also holds interests in real estate and retail assets.

In October 2019, Charoen listed his privately held property arm, Asset World. The company, which is run by his daughter, Wallapa, owns hotels and shopping malls in Thailand. Charoen’s son, Panote, who manages the family’s property interests, is overseeing the development One Bangkok, a $4 billion mixed-use development in the city center.